Bridging The Gap

In this episode of Bridging the Gap, Matt Reiner and guest Mitch Anthony, a pioneer in financial life planning, explore how adopting a client-centered approach can transform the financial advisory experience. Mitch critiques the industry’s reliance on complex jargon, urging advisors to communicate clearly through analogies and metaphors. This shift makes financial concepts more accessible, fostering deeper client engagement and understanding. Rather than pushing traditional goal-setting, Mitch encourages advisors to focus on life possibilities, which opens up more meaningful conversations and better aligns financial planning with clients' real aspirations.

Mitch's journey from crisis intervention to financial services has shaped his belief in service-oriented, rather than sales-driven, financial planning. Drawing from the work of Viktor Frankl, Mitch emphasizes the importance of guiding clients toward a sense of purpose. He advocates for financial advisors to tap into their clients' life goals and emotional needs, integrating emotional intelligence into their practice. By doing so, advisors can cultivate long-term relationships that are grounded in trust and understanding.

The conversation also tackles advisor compensation models, with Mitch challenging the popular “we only make money when you make money” approach. He stresses the need for transparency and fairness in how advisory services are billed. Advisors can enhance their impact by asking meaningful questions that connect with clients' deeper motivations, focusing on improving their clients' quality of life (return on life), and continuously developing their emotional intelligence to create lasting, trust-filled relationships.

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In this episode of Bridging the Gap, Matt and Derrick Kinney dive into the power of emotional connection in financial advising. Derrick, known as "America's Financial Educator" and author of the bestselling book Good Money Revolution, is dedicated to helping people build wealth while living a meaningful life. He opens up about his personal journey, sharing how his childhood experiences of frequent relocations shaped his approach to relationships. His high school campaign for student body president taught him the importance of making people feel valued, a lesson that carried into his career as a financial advisor. Derrick highlights how caring about what matters to clients was key to building trust and success in his practice.

The conversation shifts to the importance of truly understanding clients' emotional needs, not just their financial situations. Derrick shares how advisors can uncover underlying concerns by paying attention to patterns in client interactions and crafting stories that resonate with their emotions. This deeper connection fosters loyalty and trust, moving beyond the numbers to create lasting relationships. He also touches on his commitment to education and how it ties into his mission of making a larger impact on society.

To stand out in a crowded market, Matt and Derrick stress the value of specialization, advising financial professionals to become experts in niche areas. They outline practical strategies to strengthen client relationships, like regular check-ins and personalized advice. The episode closes with powerful takeaways: practice boldness daily, inspired by Bohemian Rhapsody; use structured checklists for stability; incorporate charitable actions into your business; and always engage clients by focusing on their feelings and concerns to build genuine, lasting trust.

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In this episode of Bridging the Gap, Matt Reiner is joined by Jason Early to explore how technology and data integration are reshaping the financial advisory landscape. Jason explains how AI-driven solutions are enhancing the efficiency of data management, from importing and analyzing financial statements to syncing seamlessly with accounting systems. By aligning financial data with business goals, advisors can deliver more tailored, high-quality advice, which is becoming increasingly essential as business ownership transitions, particularly among baby boomers, continue to rise.

The discussion also delves into the challenges of building robust platforms in a regulated industry and the importance of assembling a team that reflects the company's core values. Jason emphasizes the need for adaptable, insightful tools that can assist advisors with valuation, succession planning, and more. By staying ahead of technological trends and proactively engaging with business owners, advisors can position themselves as indispensable partners in their clients' financial journeys.

Throughout the episode, both Matt and Jason highlight the significance of adopting a growth mindset—embracing the idea of having a "get to" job rather than a "got to" one. This shift in perspective fosters motivation and continuous improvement, key factors in driving long-term success for both advisors and their clients.

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In this episode of Bridging the Gap, Matt sits down with business coach Jon Dwoskin to explore his journey from an aspiring entrepreneur to a successful business coach. Jon shares the pivotal moments that shaped his career, including managing a real estate office through the challenges of the 2008 market crash and transforming it into one of the top offices in the country. His experiences underscore the importance of facing obstacles head-on and learning from them, which has informed his approach to coaching, emphasizing self-awareness, vulnerability, and effective communication in leadership roles.

Jon delves into key skills crucial for entrepreneurs and leaders, such as time management and intuition. He offers practical strategies to enhance productivity, including breaking tasks into 15-minute increments and color-coding them for better visualization. He also touches on the importance of prioritization, advising leaders on how to say no to opportunities that don't align with their goals. Jon advocates for continuous learning and self-improvement, suggesting practices like meditation and journaling to strengthen intuition and enhance decision-making.

Listeners will gain valuable insights on how to improve their business acumen. Jon highlights the power of a consistent calendar system, where tasks are meticulously organized to boost efficiency. He also encourages adopting small, daily habits that can lead to significant personal growth, such as dedicating a few minutes each day to a new task until it becomes second nature. Lastly, Jon emphasizes the importance of embracing vulnerability in leadership, encouraging a balance between being emotionally connected with your team and maintaining a composed, confident demeanor that prioritizes their needs.

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In this episode of Bridging the Gap, Matt Reiner chats with Glen Stevens, a mental fitness and executive leadership coach, about the common challenges high-achievers face, such as black-and-white thinking and imposter syndrome. Glen emphasizes the importance of acknowledging and embracing emotions rather than ignoring them, as a way to move past negative thought patterns. He introduces the concept of 'saboteurs,' particularly the 'judge' saboteur, which can cloud self-awareness and mental clarity. Glen shares a simple yet powerful technique: practicing a sensory focus exercise for just ten seconds to shift your mindset from negative to positive thinking.

Self-awareness is the cornerstone of mental fitness, just like a muscle that needs regular exercise. He highlights how recognizing and addressing self-sabotage behaviors can build resilience and mental strength, ultimately enhancing performance and well-being, especially for entrepreneurs and executives. Glen urges listeners to assess their self-awareness using a free saboteur assessment, which can help identify and combat these self-sabotaging behaviors. This assessment is a practical tool for those looking to improve their mental fitness and gain a deeper understanding of their own thought patterns.

Glen and Matt turn their attention to leadership, discussing how leaders can foster trust and supportive environments by openly addressing mental health and demonstrating vulnerability. By integrating insights from neuroscience, cognitive behavioral psychology, and positive psychology, Glen offers a roadmap for rewiring the brain to achieve better mental fitness and leadership success.

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In this episode of Bridging the Gap, I have the honor of talking with Jud Mackrill about the dynamic landscape of the wealth tech industry and the importance of understanding the industry. Jud highlights the necessity for advisors to evolve continuously, addressing the challenges associated with implementing changes in organizations, particularly concerning scale and budget constraints. We explore how modern advisors need to personalize their approaches and stay committed to guiding their clients, while creatively utilizing available tools and technology to offer clients not just financial well-being but also a deeper level of meaning and purpose in their lives. Jud talks deeply on practicing listening and empathy, emphasizing that these skills can lead to more meaningful work and relationships.

We dive into the challenges faced by new technology companies entering the wealth management space, especially in terms of user acquisition and identifying key client problems worth solving. We highlight the importance of understanding immediate profitability, emphasizing the role of asset managers in determining the longevity of wealth tech companies. Jud discusses the potential conflicts between custodians and technology companies concerning a seamless client experience and underscores the need for advisors to either assemble their client experiences uniquely or rely on technology companies for superior services. One actionable takeaway here involves advisors enhancing their business by creatively assembling client experiences that prioritize ease and satisfaction.

The conversation also looks at the intersection of AI and wealth management, noting the challenges related to data access and cleanliness, which are crucial for leveraging AI effectively. Jud explains how they help clients establish data pipelines to gain control and transparency, which can transform businesses. We both agree on the necessity of meaningful and deep conversations with clients, incorporating psychology and therapy tactics to understand their values and life desires better. Another actionable takeaway from their discussion is for financial advisors to integrate AI tools thoughtfully to complement, rather than replace, their advisory roles.

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In this episode of Bridging the Gap, I have an enlightening conversation with Danny Kofke to open up about strategies that advisors can use to support their teams and enhance their firms. Danny draws on his own experience of managing a household on a teacher's salary, demonstrating how aligning financial decisions with core values and long-term goals can foster a sense of satisfaction and stability. He talks the importance of maintaining a balance between disciplined saving and allowing small rewards, much like a "cheat day" in dieting, to keep motivation high without straying from financial objectives.

Danny shares how he and his wife managed to live below their means by making strategic sacrifices, such as sharing a single car and planning for periods with reduced income, which ultimately enabled them to achieve significant life goals. These practices highlight the importance of resisting societal pressures and focusing on what truly matters—values that advisors can impart to their clients and teams alike.

The episode also underscores the critical role of financial literacy in both personal and professional contexts. Danny emphasizes the need for advisors to advocate for financial education in the workplace, noting that financial challenges are often rooted in behavior and can be addressed through careful planning and discipline. By promoting a culture of financial wellness within their teams, advisors can help create a more informed, resilient workforce capable of making sound financial decisions that align with their values and goals.

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In this episode of Bridging the Gap, Matt Reiner is joined by Reiner Lomb about the importance of purpose, leadership development, and fostering a culture of innovation within organizations. Lomb shares his personal journey, from his early aspirations of becoming a chef to his successful career at HP, where he initially felt aligned with the company's values and purpose. He also discusses the challenges faced when new management shifted focus from organic growth and innovation to mergers and acquisitions, leading to a decline in employee engagement and overall success.

Lomb highlights the important role of emotions in driving collaboration, innovation, and positive change within companies. He talks about the seven essential emotions for effective leadership: empathy, compassion, interest, caring, serving, understanding, and inspiration. These emotions, when combined with vision and mobilization, lead to meaningful engagement and progress. Reiner also explores the concept of intrapreneurship, the belief in creating positive change from within an organization, and stresses the importance of psychological skills, influencing behavior, and emotional state in driving change.

Reiner Lomb offers actionable advice for individuals seeking to create change and foster innovation within their organizations. He encourages listeners to believe in their ability to make a difference and provides insights on how to influence behavior through emotional shifts. Key takeaways include identifying employees' strengths and passions to foster engagement and innovation, cultivating essential leadership emotions to build trust and drive collaboration, and encouraging intrapreneurship by empowering employees with the necessary psychological skills and emotional support.

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In this episode of Bridging the Gap, Matt Reiner sits down with Rick Burgess to explore the in's and outs of data models and workflows within the financial industry. Rick, who has been a partner with a company for nearly a decade, underscores the significance of a centralized data model and the challenges smaller firms face in accessing tools that larger companies utilize. He emphasizes the importance of a data warehouse approach and discusses the deceptive appearance of integration where multiple tech stacks are used without true integration. The conversation dives into streamlining account opening processes and the challenges related to data ownership and integration, stressing the need for firms to evolve their tech stacks as they expand.

Rick highlights the importance of knowing and effectively managing client data, not just for regulatory purposes, but for deepening client relationships and improving service retention. He brings attention to the pitfalls of fragmented data and the necessity for transparency and data-driven negotiations with vendors. Both Matt and Rick agree that a cohesive technology solution, particularly in wealth management, is crucial. They stress the value of partnering with firms that have invested in technology development and accumulated valuable learnings over time, which can provide robust and scalable solutions as the business grows. One key takeaway is the need for a centralized data model to ensure all client data is accessible and integrated across various platforms, enhancing scalability and efficiency.

Towards the end of the episode, Rick recounts how he and a partner created a platform to simplify paperwork and workflows for financial advisors, leading to significant success. He emphasizes the behind-the-scenes challenges in business operations, especially regarding staff turnover and its impact on back-office functions. He encourages listeners to engage experts, involve others in decision-making, and to remain discerning while doing so. This highlights the importance of continuously evolving the tech stack to align with the changing needs and growth of the firm, and seeking out partnerships with technology experts who have a proven track record, thereby ensuring the firm benefits from their accumulated knowledge and avoids unnecessary pitfalls.

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In this episode of Bridging the Gap, Matt Reiner connects with recruitment expert Claire Vitale, focusing on strategies to optimize the recruitment process and attract top-tier talent. Claire emphasizes the importance of showcasing your company culture through social media, highlighting team activities and client successes to create a friendly and engaging online presence. She also stresses the necessity of having a strong, user-friendly company website with a clear careers button and maintaining an active LinkedIn page to draw in potential candidates. Personalizing the recruitment process with short videos or personalized messages can significantly enhance the candidate experience, while fostering a trustful environment that allows for employee autonomy and flexibility.

The discussion also dives into the evolving work arrangements in the era of remote work. Claire points out that offering hybrid or flexible work options can attract a wider candidate pool, reflecting the growing trend of candidates seeking a balance between office interaction and flexibility. This approach helps companies remain competitive in today’s job market. Additionally, they address the challenges in compensation expectations, particularly the impact of inflation on both employers and candidates. Offering competitive salaries, especially for highly credentialed professionals like CFPs, is crucial for attracting and retaining skilled employees.

To effectively attract top talent, actively update your social media and LinkedIn pages with insights into your company culture and achievements, making your company more appealing to potential candidates. Use personalized videos or messages in the recruitment process to stand out and make candidates feel valued from the start. Finally, implement hybrid or flexible work options to appeal to a broader range of candidates, aligning with the current preference for a balance between office and remote work environments.

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